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GENERAL PUBLIC ACTS

PASSED BY THE

One Hundred and Third Legislature. .

CHAPTER I.

A Supplement to an act entitled "An act authorizing the

incorporated cities, towns and townships of this state to renew matured and maturing bonds," approved March eighth, one thousand eight hundred and seventy-seven.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That section one of an act entitled “An act authorizing the incorporated cities, towns and townships of this state to renew matured and maturing bonds,” approved March eighth, one thousand eight hundred and seventy-seven, which reads as follows:

“1. BE IT ENACTED by the Senate and General Assembly Section to be of the State of New Jersey, That whenever any bonds, heretofore legally issued by any incorporated city, town or township in this state, under the authority of law, are now due and unpaid, or shall hereafter become due, the board of aldermen or common council or township com

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mittee of any such city, town or township may renew ninety-six and two-thirds per centum of said indebtedness, or any less. part thereof, by the issuing of the bonds of said city, town or township for that purpose, which bonds shall be made payable at periods of time not exceeding thirty years from the date of issuing the same, and shall draw such rate of interest, not exceeding seven per centum per annum, and be issued in such sums as the board of aldermen, common council or township committee of any such city, town or township shall by ordinance or resolution determine; which bonds shall be of the denomination of not less than fifty dollars nor more than one thousand dollars, and shall be executed under the corporate seal of said city, town or township, and the signature of the mayor or chairman of the township committee thereof, and shall have coupons attached for every half year's interest until due; which coupons shall be signed by the said mayor or chairman, and numbered to correspond with the bond to which they shall respectively be attached ; and all the bonds issued under this act shall be numbered, and a register of such numbers, the date of issuing, and the time of payment, shall be made by the said mayor or chairman of said city, town or township, in a book to be provided for that purpose," be

amended so as to read as follows: Section as

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That whenever any bonds, heretofore legally issued by any incorporated city, town or township in this state, under the authority of law, are now due and unpaid, or shall hereafter become due, the board of aldermen or common council, or township committee or board of finance and taxation of any such city, town or

township, may renew ninety-six and two-thirds per Per centum of centum of said indebtedness, or any less part thereof, by that may be re-the issuing of the bonds of said city, town or township

for that purpose; which bonds shall be made payable at periods of time not exceeding thirty years from the date

of issuing the same, and shall draw such rate of interest, Rate of interest, not exceeding six per centum per annum, and be issued

in such sums as the board of aldermen, common council, township committee or board of finance and taxation of any such city, town or township, shall by ordinance or

resolution determine; which bonds shall be of the denomination of not less than fifty dollars nor more than ten thousand dollars, and shall be executed under the How executed. corporate seal of said city, town or township, and the signature of the mayor, comptroller, chairman of the township committee, or other proper financial officer thereof, and shall have coupons attached for every half year's interest until due, or may be registered, at the option of the holder; which coupons, if attached, shall be signed by the said mayor, comptroller, chairman or other proper financial officer, and numbered to correspond with the bond to which they shall respectively be attached, and all the bonds issued under this act shall be numbered, and a register of such numbers, the date of issuing, and the time of payment, shall be made by the said mayor, comptroller, chairman, or other proper financial officer of said city, town or township, in a book to be provided for that purpose; provided this act shall only Proviso. apply to bonds for which no sinking fund has heretofore been provided, and that hereafter on all such bonds reissued under the provisions of this act a sinking fund of not less than three per cent. per annum together with the interest on such bonds shall be raised in the annual tax levy of such cities.

2. And be it enacted, That this act shall take effect im-
mediately.
Approved January 29, 1879.
GEORGE B. MCCLELLAN,

Governor.
WILLIAM J. SEWELL,

President of the Senate.
SCHUYLER B. JACKSON,
Speaker of the House of Assembly.

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